Biden administration to grant Samsung a $6.6 bn subsidy for Texas chip expansion
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The Biden administration has decided to award Samsung a $6.6 billion subsidy to strengthen domestic semiconductor production. The funds are designated to expand Samsung's chip output in Taylor, Texas. The announcement will be made by Commerce Department Secretary Gina Raimondo next week. The subsidy is intended to support the construction of four facilities in Taylor, including a $17 billion chipmaking plant, an additional factory, an advanced packaging facility, and a research and development center. Samsung's investment in the US will more than double, soaring to over $44 billion as part of this deal. The subsidy for Samsung is the third-largest within the program, trailing behind Taiwan's TSMC. The Biden administration's subsidy for Samsung is part of a broader initiative to enhance domestic chip production and reduce US dependence on China and Taiwan. The Chips and Science Act allocated $52.7 billion for research and manufacturing subsidies, and lawmakers approved $75 billion in government loan authority. Samsung has indicated it will not be availing any loans for this expansion. Governor Greg Abbott of Texas has been invited to attend the subsidy announcement event, although President Biden will not be present.

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https://www.wionews.com/business-economy/biden-administration-to-grant-samsung-a-66-bn-subsidy-for-texas-chip-expansion-709238